Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2017

Changes in stockholders’ equity for the three months ended March 31, 2017 consisted of the following:



	(Dollars in thousands)
Balance at January 1, 2017	$	322,087
Net income for the three months ended March 31, 2017	854
Cash dividends declared	(2,651		)
Amortization of stock based compensation	955
Other	160
Balance at March 31, 2017	$	321,405

Cash Dividends Declared

The following table details our cash dividend payments made in 2017. Cash dividends paid as disclosed in the condensed consolidated statements of cash flows for the three months ended March 31, 2017 and 2016 include previously declared cash dividends on shares of vested restricted common stock ("restricted stock") issued to our non-executive directors and dividends related to vested restricted stock units ("RSUs") issued to eligible employees. Cash dividends on RSUs and restricted stock have been accrued and are paid when the applicable vesting conditions are met. Accrued cash dividends on forfeited restricted stock and RSUs are also forfeited.



Declaration Date	Record Date	Payment Date	Per Share Amount		Total Payment⁽¹⁾
					(Dollars in thousands)
December 20, 2016	January 4, 2017	January 17, 2017	$	0.250	$	5,128
March 1, 2017	March 17, 2017	March 30, 2017	0.125		$	2,566
	Total		$	0.375	$	7,694

(1) The total payment reflects the cash dividends paid in relation to common stock and vested restricted stock.

Basic and Diluted Net Income Per Common Shares

The components of basic and diluted net income per common share were as follows for the periods stated:



	For the Three Months Ended March 31,
(in thousands, except for share and per share amounts)	2017		2016
Numerator:
Net income	$	854	$	3,444

Denominator:
Weighted average shares used to compute net income per common share - basic	20,530,739		20,706,082
Weighted average shares used to compute net income per common share - diluted	20,585,542		20,706,082
Basic and diluted net income per common share	$	0.04	$	0.17

Summary of Outstanding RSUs under 2011 LTIP

The following table details activities with respect to RSUs issued and outstanding under the 2017 time based LTIP grant for the three months ended March 31, 2017:



	Shares		Weighted- Average Grant Date Fair Value		Total Unrecognized Compensation Cost (Dollars in thousands)		Weighted-Average Period Over Which Cost is Expected to be Recognized (In months)
Non-vested RSUs at January 1, 2017	—		$	—
Granted	116,576		20.57
Vested	—
Forfeited	(481	)	20.75
Non-vested RSUs at March 31, 2017	116,095		$	20.57	$	2,045	21

The following table details activities with respect to RSUs issued and outstanding under the 2015 LTIP for the three months ended March 31, 2017:



	Shares		Weighted- Average Grant Date Fair Value		Total Unrecognized Compensation Cost (Dollars in thousands)		Weighted-Average Period Over Which Cost is Expected to be Recognized (In months)
Non-vested RSUs at January 1, 2017	451,493		$	17.10
Granted	116,610		20.57
Vested	—
Forfeited	(1,963	)	17.86
Non-vested RSUs at March 31, 2017	566,140		$	17.81	$	3,770	21

Activities Under Equity Plan

The following table summarizes the activities under the 2012 Equity Incentive Award Plan ("2012 Equity Plan") from January 1, 2017 through March 31, 2017:



	Activity
Total equity securities available at January 1, 2017	1,246,939
Less: 2015 LTIP RSUs awarded to eligible employees, net of forfeitures	116,128
Less: 2017 Time Based LTIP RSUs awarded to eligible employees, net of forfeitures	116,095
Less: Restricted stock awarded to non-executive members of the Board of Directors	5,181
Total equity securities available at March 31, 2017	1,009,535

For the three months ended March 31, 2017 and 2016 no shares of common stock were purchased under the plan. The following table summarizes the activities under the ESPP from January 1, 2017 through March 31, 2017:



	Activity
Total ESPP equity securities available at January 1, 2017	246,039
Total 2016 ESPP securities available at March 31, 2017	246,039